In case the moneys received from the sales of said property shall be insufficient at any time to meet the payments that shall fall due under the provisions of the agreement set out above, then the said Trustee shall demand of the said beneficiaries respectively their proportionate shares of the sum or sums necessary to pay such deficiency, the share to be paid an such case being measured by their respective interests in said property as hereinabove set forth. Should any of the said beneficiaries, however, fail or default in the payment of his portion or share as aforesaid, of the moneys required to be advanced to make the payments in compliance with the terms of said agreement, then the said Trustee shall notify the other beneficiaries of such default and they shall thereupon have the right to purchase and take over the interest hereunder of such defaulting party, either jointly or with the consent of the other beneficiaries, and such interest may be taken by any one or more of the said parties of interest; in any event, if it is necessary to protect his rights and interests hereunder and in said land, any one of said beneficiaries may advance the share of the party in default and the interest herein of the delinquent party shall thereafter be held by said Trustee as security for the sum or sums thus paid and advanced. The defaulting party in such case shall be entitled to have refunded to him the actual cash theretofore paid hereunder, without interest, and upon such sum being paid, he shall forfeit all rights title and interest in and to the said land, and the proceeds of the sale thereof and his interest hereunder, including the attendant obligations and benefits, shall pass and belong to the purchaser thereof.
In the event, however, that the other beneficiaries hereunder decline to purchase the share and interest of a defaulting party on the terms and conditions recited above, then the said Trustee shall sell such share and interest at public auction to the highest bidder and the purchaser at such sale shall be substituted in the place and stead of the party in default in his relation to this trust; and shall thereupon assume all obligations and enjoy all benefits as beneficiary hereunder, incident to the share and interest thus acquired. The other beneficiaries herein may be purchasers at such public sale under the same conditions as a stranger to this trust.
The sums received for the interest of the delinquent party at the public sale, shall be applied first to the payment of all obligations and claims attached hereunder to the share of interest sold, and any surplus remaining shall be paid to the party suffering default, and upon receiving such sum, all of his right, title and interest hereunder shall be forfeited and this trust as to him, shall cease and determine.
The schedule of prices referred to above may be changed at any time, and a new schedule substituting therefor, provided that such new schedule shall not be operative until signed by a majority of the parties hereto.
The trustee shall be under no obligations to make the payments that shall become due under the aforesaid agreement for the purchase of said real estate, or to pay the taxes or make any other payments required to be made hereunder, unless there be sufficient funds in its hands to make said payments.
This trust shall not cease or determine until the fees and expenses of the said Trustee shall have been fully paid and it shall have been reimbursed for all expenses incurred and moneys expended in connection with this trust.
Every stipulation and agreement herein shall inure to the benefit of the heirs, executors, administrators, successors and assigns of the respective parties.
In Witness Whereof, the FEDERAL, TITLE COMPANY has hereunto caused its corporate name to be subscribed by its President and its Secretary, and its corporate seal to be affixed, this 15th day of June, 1906.
Federal Title Company,
(Seal) By ARNOLD NIXON, President.
By ALBERT BALLES, Secretary.
We, the undersigned, being the beneficiaries under the above and foregoing Declaration of Trust, do hereby certify and declare that said Declaration of Trust correctly and accurately sets forth and discloses the trusts under and by which the said Trustee holds and shall hold said agreement for the purchase of real estate, and we do hereby ratify, approve and confirm the same in all its parts, and do hereby make, constitute and appoint the said FEDERAL TITLE COMPANY, our true and lawful attorney, irrevocable, in our name, or other wise, to do and perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises as fully, to all intents and purposes, as we might or could do if personally present; hereby ratifying and confirming all that our said attorney shall lawfully do, or cause to be done, by virtue of these presents.
In Witness Whereof, we have hereunto set our hands and seal this 15th day of June, 1906.
ALONZO BYERS. (Seal).
JOHN ENSIGN. (Seal).
CHARLES DAVIS. (Seal).